Cannacurio #121: Manufacturing Licensing Recap Q3 2025
170 new manufacturing licenses were issued in Q3 2025 across 17 states.

170 new manufacturing licenses were issued in Q3 2025 across 17 states.

518 cultivation licenses were issued in Q3, down sharply from 729 in Q2.

414 new store licenses were issued for across the U.S. in Q3 2025, down from Q2 2025.
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1,256 new licenses were issued for all activities in Q3 2025, down (11%) from 1,417 in Q2 2025.

235 new manufacturing licenses were issued in Q2 2025 from 16 states.

747 cultivation licenses were issued in Q2 with Michigan leading the pack at 336 new licenses.

361 new store licenses were issued in Q2 which is more than Q1, but the hemp market continues to make it challenging for licensed cannabis stores to thrive.

1,470 new licenses were issued for all activities, and Cultivation, Manufacturing and Store licenses accounted for 90% of the cannabis licenses issued.

A total of 2,484 violations and 92 recalls were issued in 2024 in the United States. See where they occurred, their cause, and the associated fines.

Retail license growth slowed in Q1 2025, but the cannabis industry continues to shift. From New York's expansion to Minnesota’s surge in applications, the landscape is evolving. Discover how hemp, moratoria, and the illicit market are influencing cannabis retail—and where things may head next.

The cannabis industry had a slower start in Q1 2025, but new markets and licensing activity continue to shape the landscape. From New York’s momentum to emerging states like Kentucky and Delaware, get a closer look at the trends and what’s ahead for the rest of the year.

Cannabis manufacturing licenses grew 27% in 2024 with 945 new licenses, led by New York and New Mexico. The total number of manufacturers held steady at 5,940, highlighting the sector's stability. Manufacturing licenses are valuable for brand development and white-label production, making them crucial assets in the evolving cannabis market.

Cannabis cultivation licenses rebounded in 2024, with 3,369 new licenses issued—Michigan (1,079) and Oklahoma (1,039) leading the way. However, oversupply and price pressures remain major concerns, with wholesale cannabis prices dropping as low as $150 per pound. Read the full breakdown of 2024’s cultivation leaderboard and market insights.

Cannabis retail stores saw 7% growth nationally in 2024, with new markets like New York driving expansion. As states like Delaware, Kentucky, and Minnesota roll out programs in 2025, THC beverages are also making an impact through mail order and liquor store sales. Cannabiz Media keeps customers informed with the latest licensing data through newsletters, alerts, and reports.

For a decade, Cannabiz Media has tracked cannabis market trends, now expanding to THC beverage licensing. States are taking varied approaches—California enforces strict bans, while Minnesota allows sales alongside alcohol. Major players like Green Thumb Industries are investing, signaling industry growth. Explore how state regulations are shaping this emerging market.

2024, like every cannabis year that precedes it, was unique. Over the last 12 months we had a presidential election, several state referenda, and the slow-moving rescheduling process. Through it all, the regulators continued the hard work of standing up new programs, and issuing licenses, renewals, violations and recalls.

In the last of our Q3 license recaps, we turn to manufacturing, the least volatile of the three activities we cover in these quarterly posts. They serve as important assets for companies because the products are often powerful brands. These brands, unlike license assets, can cross state lines and help well established companies thrive and build market share. They are also useful for the license holder as these facilities can be used for white label production – therefore expanding the value of the asset.

Following up on our recent overview of Q3 licensing, we now delve into the cultivation licenses issued in the third quarter of 2024. These snapshots derived from our Cannabiz Business Intelligence platform show where new licenses are being created and the total number of licenses and facilities in the US.

Q3 2024 saw significant growth in cannabis dispensary and retailer licensing, with 535 new licenses issued—a jump from Q2’s 456. Key players like New York, Ohio, Michigan, New Jersey, and Puerto Rico accounted for 73% of these new licenses.

We are three quarters of the way through 2024 and 2,211 new licenses were issued in Q3. This was the strongest quarter of the year and was given a boost from new licenses in Ohio and New York.